Financial Development for Non-Financial Managers
Course Code: FIN.1A
Course Fee: £2450 + VAT (20%)
Who should attend?
Those for whom finance is not a significant part of their responsibility, but who will benefit from understanding it in more depth. They will be from all sectors, including private, public and not-for-profit including:
- Those who are new managers or managers wanting a refresher
- Budget holders who want to create and manage their budgets more effectively
- Operations managers who want to know more about cost management and projects
- Sales and marketing employees who want to understand financial statements
- Anyone who needs to understand key accounting concepts, and improve forecasting and cost management skills
- Managers who are about to be promoted into positions which require financial literacy
- Managers facing financial decisions or expect to make a contribution to a wider planning process.
- To introduce fundamental bookkeeping and accounting concepts to course participants to enable them to manage the financial aspects of their role more effectively.
- To review the different approaches taken in the public and private sector
- To make sense of key financial statements and some key ratios
- To enable participants to manage financial aspects of projects more effectively
- To participate more knowledgeably in the budgeting process.
Key Financial Concepts and Principles
- Bookkeeping versus accounting
- Cash accounting versus accrual accounting and use in private and public sectors
- Types of accounts in the General Ledger, their purpose and the chart of accounts
- Double-entry bookkeeping concepts and implications
- Depreciation and amortisation
Reading Financial Statements, Public and Private Sector
- International standards in the private and public sectors, IFRS and IPSAS
- Format and content of the statement of financial position (balance sheet)
- Format and content of the statement of profit or loss
- IPSAS principles of financial statements presentation for the public sector
- Investor ratios
- Financial accounting and management accounting compared
- Types of management information prepared for internal consumption
- Financial information managers need to manage – the power of comparisons
- Analysing costs, key ratio calculations for management and variance analysis, including ROE, ROA and liquidity ratios
Managing the Finances and Costs of Projects.
- Financial aspects of building the business case and getting approval for funding
- Estimating project costs – different estimating techniques, expert, analogous, parametric, bottom up etc.
- Project forecasts, cost variances and cost control
- Project risks and financial implications
Building an Effective Budget
- Public sector v. Private sector budgeting differences in purpose, processes and motive.
- Budgetary methodologies, incremental and zero-based
- Budget and variance analysis
- End of week quiz to appraise learning achieved.